Articles scientifiques

Ambiguity and the Bayesian Approach


Advances in Economics and Econometrics: Theory and Applications

A paraître

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

Belief-free price formation


Journal of Financial Economics

A paraître

Départements : Finance, GREGHEC (CNRS), Economie et Sciences de la décision

Deciding about human lives: an experimental measure of risk attitudes under prospect theory


Social Choice and Welfare

A paraître

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

For public policies in the health, security or safety domains, the main consequences concern the number of human lives that are saved or lost, and are uncertain ex-ante. In classic economic evaluations of such policies, losses and gains of human lives are often monetized and aggregated with other costs and benefits. Uncertainty about human lives is thus treated as uncertainty about monetary consequences. In this paper, we question whether people risk human lives as they risk money.We present an experiment comparing risk attitudes towards human lives and towards money under prospect theory. The results show that respondents treat the two attributes differently when losses are involved. Specifically, the decisions involving human lives are characterizedby less elevated probability weighting in the loss domain and higher loss aversion compared to decisions involving money. These findings suggest that public preferences may differ from the cost-benefit analysis recommendations

Dynamic Atomic Congestion Games with Seasonal Flows


Operations Research

A paraître

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

Mots clés : Network games, dynamic flows, price of seasonality, price of anarchy, max-flow min-cut

We propose a model of discrete time dynamic congestion games with atomic players and a single source-destination pair. The latencies of edges are composed by free-flow transit times and possible queuing time due to capacity constraints. We give a precise description of the dynamics induced by the individual strategies of players and of the corresponding costs, either when the traffic is controlled by a planner, or when players act selfishly. In parallel networks, optimal and equilibrium behavior eventually coincides, but the selfish behavior of the first players has consequences that cannot be undone and are paid by all future generations. In more general topologies, our main contributions are three-fold. First, we show that equilibria are usually not unique. In particular, we prove that there exists a sequence of networks such that the price of anarchy is equal to n-1, where n is the number of vertices, and the price of stability is equal to 1.Second, we illustrate a new dynamic version of Braess's paradox: the presence of initial queues in a network may decrease the long-run costs in equilibrium. This paradox may arise even in networks for which no Braess's paradox was previously known.Third, we propose an extension to model seasonalities by assuming that departure flows fluctuate periodically over time. We introduce a measure that captures the queues induced by periodicity of inflows. This measure is the increase in costs compared to uniform departures for optimal and equilibrium flows in parallel networks

More haste less speed? Signaling through investment timing


American Economic Journal: Microeconomics

A paraître

Départements : Economie et Sciences de la décision, GREGHEC (CNRS)

We consider a cash-constrained firm learning on the value of an irreversible project at a privately-known speed. Under perfect information, the optimal date of investment may be non-monotonic in the learning speed: better learning increases the value of experimenting further, but also the speed of updating. Under asymmetric information, the firm uses its investment timing to signal confidence in the project and raise cheaper capital from uninformed investors, which may generate timing distortions: investment is hurried when learning is sufficiently fast, and delayed otherwise. The severity of the cash constraint affects the magnitude of the distortion, but not its direction


Département Economie et Sciences de la Décision

Campus HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex



Economie - Sciences de la Décision (GREGHEC)

Voir le CV